Camden, 1980s flat with a share of freehold.
Flat is very close to this one, similar floorplan and price: www.rightmove.co.uk/properties/114220451.
In demand area with students/young professionals even some families. Planning to stay there for 3-5 years.
Positives:
- 4 stories, traditional cavity wall (no EWS1 needed)
- share of freehold so some control over bogus costs and easy to extend lease
- close to the Kings Cross regeneration area with a lot of new builds + there will be a lot of new builds coming in soon.
- area in very high demand for renting - though rents dropped from £1800 to £1400 during the pandemic, now are back to £1800 so buying is still a bit cheaper
- prices been static for the last 6-7 years so dropped due to inflation
- good transport links - close to Kings cross, Camden underground and overground
- new builds close by (300m away) are around £12000-£14000 per sq.m. while this development from 1980s goes for 8500 per sq.m.
Negatives:
- close to railway tracks (noise issue)
- there will be a lot of new build developments on the industrial site just nearby (potentially an issue for renting/selling due to noise?)
- there have been high reserve fund contributions (20k in total over last 5 years - as this is an older block )
- very pricy - and a relatively small flat as the 2nd bedroom is not a proper bedroom. But I think it is still sellable to FTBs.
- lease is so-so - prohibits AirBnB and pets
- London market has already peaked? especially with work from home and etc...